First open ended mutual fund to come into operation; Receives approval from SEBON
April 23, 2019 | Investopaper
The first open-ended mutual fund of Nepal operated by the private sector is set to come into operation. NIBL Sahabhagita Fund is going to issue 5 crore units at the par value of Rs. 10. The total worth of the scheme is Rs. 50 crores.
Securities Board of Nepal (SEBON) has provided approval for the issuance of the open-ended scheme on Baisakh 9, 2076.
NIBL Ace Capital is the issue manager for NIBL Sahabhagita Fund.
An open-ended mutual fund can issue and redeem the shares at any time. Shares are bought and sold on demand at their NAV. Interested investors can purchase or sell the shares in the fund directly from the fund. There is no need to purchase from existing shareholders.
The shares of an open-ended fund are priced daily based on their day to day Net Asset Value (NAV).
